The Clift
What does S$2 million buy you at the very heart of Singapore’s financial district — and is that address worth the lease clock ticking down to 77 years? The Clift on McCallum Street poses that question every time a unit changes hands. Completed in 2011, this 312-unit tower sits a short walk from Tanjong Pagar MRT and the new Maxwell TEL station, deep inside the Central Business District Incentive (CBDI) precinct that URA renewed for a further five years in February 2025. On the surface it is a textbook CBD address: walkable to Lau Pa Sat, Marina Bay, Raffles Place, and the entire southern waterfront. Beneath that surface lies a price history that has humbled almost every investor who bought at launch.
The Clift launched in 2006–2007 at prices that assumed the CBD would become a premium live-work-play neighbourhood similar to Hong Kong’s Central. That thesis is gradually materialising — but on a 20-year time horizon rather than the 5-year flip that original buyers priced in. Buyers today are therefore entering at a very different point on the lease and price curve: lower absolute psf, but with an accelerating lease-decay discount baked into every valuation model (as of 2026-05).
Overview & Key Facts
The Clift is a 312-unit condominium located at 21 McCallum Street in District 2, in the heart of Singapore’s Central Business District. Developed by Far East Organization and completed in 2011, this 42-storey tower was designed with interiors by the acclaimed Japanese interior design firm Super Potato, known for their hospitality and luxury residential projects. The Clift is Far East Organization’s second high-profile residential development in the CBD, following the earlier Icon at Tanjong Pagar.
At an average transacted price of approximately $1,985 psf, The Clift occupies an interesting niche in the CBD residential market — a 42-storey tower with boutique-hotel design sensibilities, convenient MRT access, and a rental yield of approximately 4.5% that ranks among the highest in the central area. The development is known for its compact, efficiently designed units that appeal primarily to investors and young professionals seeking a CBD address, rather than families requiring larger living spaces.
The buyer profile reflects this investor orientation: 57.8% Singaporean, 13.9% PR, 24.8% foreign, and 3.4% corporate buyers. With approximately 81 years remaining on the 99-year lease from 2008, The Clift provides a comfortable tenure runway while delivering the income-generating potential that CBD residential investments are known for. The surrounding Tanjong Pagar neighbourhood has undergone significant transformation with the completion of Guoco Tower and the ongoing development of the Greater Southern Waterfront, positioning The Clift within one of Singapore’s most dynamic urban regeneration zones.
Location & Connectivity
The Clift enjoys excellent MRT connectivity, with Tanjong Pagar MRT station (EW15) on the East-West Line approximately 300 m away — a 4-minute walk. Telok Ayer MRT (DT18) on the Downtown Line is also within a 5-minute walk, providing dual-line access. This two-station connectivity places The Clift within a 10-minute MRT ride of virtually every major commercial hub in Singapore — Raffles Place, Marina Bay, Orchard, and Bayfront are all directly accessible without transfers.
Daily amenities are plentiful. Guoco Tower’s retail podium provides shopping and dining directly at Tanjong Pagar MRT. The surrounding conservation shophouse districts host hundreds of restaurants, cafes, and bars — from Amoy Street Food Centre (one of the CBD’s best hawker centres) to specialty coffee shops and award-winning restaurants along Telok Ayer and Club Street. Maxwell Food Centre, another renowned hawker hub, is a 10-minute walk away. For grocery shopping, FairPrice Finest at Guoco Tower and Cold Storage at 100AM serve the CBD residential community.
The CBD location means The Clift is primarily a working professionals’ address rather than a family-oriented neighbourhood. Schools are limited in the immediate vicinity, though the proximity to the MRT makes the broader school network accessible. The historic Thian Hock Keng Temple, Ann Siang Hill, and the Pinnacle@Duxton skybridge are nearby cultural and recreational landmarks that add character to the Tanjong Pagar precinct.
Schools & Education
| School | Type | Distance |
|---|---|---|
| Outram Secondary School | secondary | ~1.4 km |
| Cantonment Primary School | primary | ~1.5 km |
| Fairfield Methodist School (Primary) | primary | ~1.8 km |
| Singapore Management University | tertiary | ~1.9 km |
Facilities
The Clift delivers a facility set scaled to its 312-unit CBD tower format. The highlight is the sky park and infinity pool on the upper floors, providing panoramic views over the CBD skyline and toward the sea — a dramatic amenity that leverages the 42-storey elevation. The development also features a lap pool on a mid-level sky terrace, a gymnasium, a jacuzzi, and a concierge service that adds a hospitality touch to the residential experience. 24-hour security, CCTV surveillance, and access-controlled lifts provide standard urban security.
“The sky park is the standout feature. The views from the upper-floor pool deck are spectacular — you can see the entire CBD skyline, the port, and on clear evenings the sunset over Sentosa. The concierge service is a nice touch that adds a hotel-like quality to daily life. The gym is adequate for basic workouts, though the equipment could be better maintained. For a CBD tower, the facilities are respectable.”
— Owner-occupier, 1-bedroom unit (SingaporeExpats review)
Resident reviews have been mixed regarding facility maintenance. Some owners have reported issues with pool water temperature, jacuzzi maintenance, and gym equipment quality — concerns that suggest the MCST may need to invest more aggressively in facility upkeep to match the premium positioning of the development. The Super Potato interior design aesthetic remains a distinctive feature in the common areas, but the contrast between the original design vision and current maintenance standards has drawn commentary. For investors whose tenants primarily value location over facilities, these concerns may be secondary; for owner-occupiers, the maintenance track record warrants investigation during the purchase process.
Unit Sizes & Layout
The Clift offers 312 units across the 42-storey tower, with a unit mix heavily weighted toward compact configurations. Studio and one-bedroom units dominate the mix, with typical sizes ranging from approximately 420 to 700 sqft. Two-bedroom units are available in more limited quantities, generally in the 800–1,100 sqft range. The compact sizing is deliberate — The Clift was designed as a CBD investment and pied-à-terre product, targeting rental income generation rather than family accommodation.
The Super Potato-designed interiors bring a distinctive Japanese-influenced aesthetic to the units — clean lines, quality materials, and thoughtful space planning that maximise the compact floor areas. The 42-storey elevation means that higher-floor units enjoy genuinely impressive CBD and sea views, and the tower’s slender profile ensures good natural light and ventilation across most stacks. The compact layouts are efficient but leave little room for personalisation or family living — these are essentially urban apartments designed for singles, couples, or tenants who work in the CBD and treat the unit as a convenient base rather than a spacious home.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 12 | $2,013 | $996,917 |
| 1 BR | 37 | $2,015 | $1,052,235 |
| 2 BR | 22 | $1,894 | $1,489,818 |
Pricing & Market Position
Based on 71 recorded transactions, sale prices range from $900,000 to $1,675,000, averaging $1,178,474 (~$2,007 psf).
Rents range from $2,500 to $7,200 per month across 1037 rental transactions. Current rental yield sits at approximately 5.0%.
Price Appreciation
From 2021 to 2026, the average PSF has declined by 9.3% (from $1,959 to $1,778 psf).
Neighbourhood Comparison
The Clift ($1,985 psf, 312 units, 99-year from 2008, ~81 years remaining) competes in the CBD compact-unit investment segment. Icon ($1,800–$2,200 psf, 646 units, 99-year from 2005) is Far East Organization’s earlier CBD project at Tanjong Pagar — larger, similarly positioned, but with a shorter remaining lease. The two developments share the same Tanjong Pagar MRT proximity and CBD rental demand pool, with Icon offering more unit variety and The Clift delivering the Super Potato design edge.
Altez ($2,000–$2,500 psf, 280 units, 99-year from 2010) at Enggor Street is a direct competitor in the same micro-neighbourhood — newer, with more contemporary facilities, but at a PSF premium. Wallich Residence ($2,500–$3,500 psf, 181 units, 99-year from 2013) at Guoco Tower is the luxury tier — integrated with the retail podium and Sofitel hotel, but at a significantly higher quantum. For pure yield at an accessible entry point, The Clift offers the best combination of low quantum, high yield, and established rental track record in the Tanjong Pagar CBD cluster.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE CLIFT | 99 yrs lease commencing from 2004 | 2011 | 312 | $2,007 |
| ONE MARINA GARDENS | 99 yrs lease commencing from 2023 | 2025 | 937 | $2,957 |
| THE SAIL @ MARINA BAY | 99-year leasehold | 2008 | 1,111 | $2,011 |
| MARINA ONE RESIDENCES | 99 yrs lease commencing from 2011 | 2018 | 1,042 | $2,323 |
| UNION SQUARE RESIDENCES | 99 yrs lease commencing from 2024 | 2024 | 366 | $3,159 |
| ONE SHENTON | 99 yrs lease commencing from 2005 | 2010 | 341 | $1,774 |
Lease Decay Analysis
The 99-year lease runs from 2004, meaning approximately 22 years have already been consumed. Roughly 77 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~77 years | Full bank financing available |
| 2034 | ~69 years | CPF usage still unrestricted for most buyers |
| 2043 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2063 | ~39 years | Significant financing restrictions for next buyer |
| 2103 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~67 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates THE CLIFT across multiple dimensions.
What Residents Say
“I bought a one-bedroom at The Clift as a rental investment and it has delivered consistently. The CBD location means there is never a shortage of tenants — banking professionals, lawyers, tech workers, all want to live within walking distance of the office. The yield has been between 4 and 5 percent since I bought, which is strong for a CBD address. The unit is compact but the Super Potato design makes the most of every square foot.”
— Investor-owner, 1-bedroom unit (EdgeProp review)
“The location is unbeatable for someone who works in the CBD. I walk to the office in 10 minutes, have hundreds of restaurants at my doorstep, and Tanjong Pagar MRT is a 4-minute walk for anywhere else. The sky park views are stunning for entertaining. The facilities could be better maintained — the pool temperature has been inconsistent and the gym needs updating — but for a pied-à-terre, the convenience factor outweighs the facility concerns.”
— Owner-occupier, studio unit (99.co review)
“I have been renting at The Clift for two years and the Tanjong Pagar neighbourhood is fantastic. The conservation shophouses along Telok Ayer and Amoy Street have incredible restaurants and bars. Amoy Street Food Centre is my daily lunch spot. The unit is small but well laid out, and the view from the 30th floor is amazing. The concierge is helpful and the security is good. My only gripe is that the development could use more investment in maintaining the shared facilities.”
— Tenant, 1-bedroom unit (PropertyGuru review)
Unrivalled CBD walkability. At 21 McCallum Street, The Clift sits roughly 400 m from Tanjong Pagar MRT (EW line) and 550 m from the new Maxwell MRT on the Thomson-East Coast Line, which opened in 2024. That dual-line access makes the development genuinely car-optional — commuters can reach the Orchard belt in 12 minutes and Changi in under 40 (as of 2026-05). The URA Master Plan designates the surrounding precinct as a priority mixed-use rejuvenation zone; cycling paths and sheltered walkways along Anson Road have already improved the street-level experience compared with 2018 conditions.
CBDI tailwind for the neighbourhood. The URA’s Central Business District Incentive Scheme 2.0 (circular dc25-02, gazetted February 2025) grants a 25–30% GFA bonus to office buildings in the Anson, Cecil Street, Robinson Road, Shenton Way and Tanjong Pagar precincts that convert to mixed-use residential or hospitality. McCallum Street sits at the convergence of all five precincts. As older commercial towers redevelop over 2026–2030, the amenity mix — cafes, co-working, boutique retail — is expected to improve substantially, benefiting existing residential stock including The Clift. Seventeen CBDI and 12 SDI proposals had already received in-principle approval as of early 2025 (as of 2025-Q1).
Gross yield still competitive for CCR. Based on 436 rental transactions recorded since January 2024, The Clift’s average monthly rent stands at approximately S$4,644 (as of 2026-05 per URA data). Against a current median resale price around S$1.0–1.3 million for a 500–520 sq ft studio, gross yield works out to roughly 4.3–4.8% — above the CCR average of 3.0–3.5% and competitive with many newer D9 launches selling at S$3,000 psf-plus. The tenant base is largely expatriate professionals employed in financial services firms headquartered within walking distance, making void periods typically short. Singapore buy-to-rent investment playbook provides further context on CBD rental dynamics (as of 2026-05).
Compact, efficient floor plates. The tower’s 312 units across 41 storeys average roughly 500–700 sq ft per unit, well-suited to the single-occupancy or couple demographic that dominates the CBD rental pool. Studios and one-bedroom units command a premium per-sq-ft rent compared with larger formats, supporting the yield figures above. Upper-floor units benefit from panoramic city and Marina Bay views that are protected by the surrounding commercial zoning — no low-rise residential can obstruct them (as of 2026-05).
Lease decay is the headline risk — and it is accelerating. The Clift commenced its 99-year tenure in 2004, leaving approximately 77 years remaining as of 2026. Under the Bala’s Table framework used by Singapore valuers, a leasehold property at 77 years commands roughly 92% of an equivalent freehold value; that discount widens to approximately 82% at 60 years remaining and to below 50% at 30 years. Buyers who purchased at launch in 2006–2007 have experienced this curve in real terms: a one-bedroom unit on the 32nd floor sold for S$1.3 million (S$1,677 psf) in February 2025, representing a loss of approximately S$815,769 (38.6%) against its June 2011 purchase price of S$2.116 million (S$2,730 psf) — the third-largest recorded loss at the project (as of 2025-Q1). URA Realis transaction data shows the average psf peaked at approximately S$2,373 in 2012 and has since declined around 29%, settling near S$2,006 across 38 transactions in 2024 (as of 2024). Lease-decay analytics and the freehold vs leasehold comparison guide both quantify this trajectory in detail.
ABSD has effectively killed the foreign investor market. The original buyer profile at The Clift was heavily skewed toward foreign investors attracted by a CBD mailing address. The Additional Buyer’s Stamp Duty hike to 60% for foreigners (April 2023) has virtually eliminated that demand segment. Of 19 transactions in 2025, roughly nine incurred losses according to URA caveats — a loss rate of 47% (as of 2025). Buyers relying on eventual foreign demand to exit face a structurally thinner pool than existed at purchase. The IRAS ABSD rate table details the current 60% rate for foreigners (as of 2026-05). Use the stamp-duty calculator linked above to model total acquisition costs before comparing this project with other CCR options. The guide to buying a condo as a foreigner explains the current stamp-duty regime in full (as of 2026-05).
Price ceiling is capped by the lease discount. Even with the CBDI neighbourhood uplift, capital appreciation for a 77-year leasehold asset is bounded. CPF usage for leasehold purchases is also subject to the CPF Board’s housing withdrawal rules: buyers must ensure the remaining lease covers the youngest buyer to age 95. At 77 years, most buyers can still use CPF in full today, but that window narrows progressively. For buyers with a 10-year hold horizon, the lease falls to 67 years at exit — a threshold where financing conditions may tighten. Run the lease-decay calculator linked above to model specific hold periods and consult the tenure trend insights to benchmark against comparable leasehold stock (as of 2026-05).
Maintenance load and en-bloc difficulty. At 312 units spread across a single tower, The Clift is too small to generate the collective-sale premium that larger developments attract. Any en-bloc attempt requires unanimous or 80%-plus consent and would need to overcome the inherent complexity of a mixed strata-title building with commercial units on the lower floors. MCST fees for high-rise CBD buildings with concierge and pool facilities typically run S$400–S$600 per month, adding to holding costs for investor-owners who rent the unit below its MCST break-even (as of 2026-05).
[
{
"persona": "foreign-professional-renter",
"fit_color": "green",
"reason": "Walking distance to the largest concentration of financial-services employers in Singapore. Dual MRT access. Rental demand is consistent and void periods short. Ideal for principals whose companies subsidise rent."
},
{
"persona": "investor-yield-focused",
"fit_color": "amber",
"reason": "Gross yield of 4.3-4.8% is attractive by CCR standards, but the capital-appreciation ceiling imposed by lease decay means total returns are yield-dependent. Works if acquired at a price that already discounts the lease curve; risky if bought near recent highs."
},
{
"persona": "upgrader-from-hdb",
"fit_color": "amber",
"reason": "The CBD address adds commute convenience for upgraders working downtown. However, the compact unit sizes (500-700 sq ft) may not suit families, and the leasehold disadvantage limits exit flexibility compared with a similarly priced RCR freehold option."
},
{
"persona": "foreigner-buyer",
"fit_color": "red",
"reason": "60% ABSD makes this project uneconomical for most foreign buyers in 2026. The few exceptions (US or Swiss nationals benefiting from FTA parity) should weigh the lease-decay discount and limited resale pool against alternatives with stronger capital-appreciation prospects."
},
{
"persona": "long-term-owner-occupier",
"fit_color": "amber",
"reason": "Living steps from Lau Pa Sat, Marina Bay, and the entire Shenton Way dining corridor is genuinely compelling. CBDI precinct improvements will continue. However, a 77-year lease creates re-financing and CPF-matching risks beyond a 10-15 year horizon that owner-occupiers should model explicitly."
}
]
The Clift is a tale of two markets: an exceptional location and a structurally challenged asset. The McCallum Street address delivers genuine CBD-walkability, dual-line MRT access, and a neighbourhood tailwind from Singapore’s most active urban-regeneration incentive scheme. For yield-seeking buyers who acquire at current psf levels — roughly S$1,877–S$2,025 across recent 2026 transactions (as of 2026-04) — the 4.3–4.8% gross rental yield makes sense as a rental asset, provided holding costs and lease depreciation are modelled honestly.
What the project cannot offer is capital appreciation comparable with neighbouring freehold assets. The 77-year lease is now visibly depressing psf vs 2012 peaks, and that gap will widen as the asset ages toward the 60-year threshold where institutional financing tightens and CPF usage narrows. Buyers should treat the acquisition as an income play with a hard exit discipline — ideally within 8–10 years before lease-decay discounting becomes severe — rather than a growth play relying on en-bloc or CBDI redevelopment windfall that may never materialise for a residential strata tower in this form.
Recommended hold profile: 5–10 years maximum, yield-driven, tenant-base maintained in the CBD professional segment. Exit before the lease drops below 68 years to preserve maximum financing optionality. Use the ROI calculator and the capital appreciation vs rental yield guide to stress-test entry price and exit timing before committing. Compare this project against other D1 options via the District 1 property analytics page and the CBD price heatmap (as of 2026-05).